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Monday, November 19, 2018  
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DTN Early Word Opening Livestock       11/19 06:05
   Lean Hogs Staged to Open With a Firm Undertone

   Expect hog futures to build on limited gains landed on Friday's close,
supported by follow-through buying and ideas of a late-year cash bottom. On the
other hand, the cattle complex should begin with mixed price action in slow
preholiday volume.

By John Harrington
DTN Livestock Analyst

Cattle: Steady         Futures: Mixed       Live Equiv: $139.60  - .24*
Hogs:   Steady-$1 HR   Futures: 50-100 HR   Lean Equiv: $ 73.03  - .55**

* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue


   Given the holiday-shortened week, cattle buyers are not expected to waste
much time in completing the necessary procurement chores, needing to collect
slaughter needs pretty much for that balance of November between Monday and
late Wednesday. Having said that, activity Monday should still be on the slow
side as packers primarily focus on the collection of new showlists. Look for
ready numbers to be somewhat larger than last week. Early asking prices are
likely to be around $116 in the South and $178 to $180 in the North. Cattle
futures should open on a mixed basis as players assess cash needs and potential.
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